BlackRock's Bitcoin Boss Says BTC Will Moon — Eventually 🚀

BlackRock's Chief Investment Officer of Global Fixed Income, Rick Rieder, said on Bloomberg TV that he believes Bitcoin will "ultimately go considerably higher," reiterating his long-term bullish stance on the leading cryptocurrency even as it trades well below its all-time high. Rieder, asked whether $BTC was a buy at current levels after selling off roughly 50% from its peak, conceded that the asset faces stiff competition from technology stocks and yield-bearing financial products in the credit market. He added, however, that he expects the largest cryptocurrency to appreciate meaningfully over time.

Rieder's remarks come as BlackRock continues to expand its Bitcoin product lineup. One of his mutual funds holds a moderate position in $BTC through exposure to the firm's spot Bitcoin ETF, IBIT, which remains the largest such product with net assets of $51 billion. Rieder was among the earliest proponents of Bitcoin within BlackRock, the world's largest asset manager.

Separately, BlackRock confirmed the launch of its Bitcoin Premium Income ETF on Nasdaq under the ticker BITA. The fund targets an annual yield of 15% to 25% and provides returns tied to $BTC price performance, according to the firm. The product debuted as spot Bitcoin ETFs collectively recorded significant outflows, extending a stretch of redemptions that has weighed on sentiment across the market.